28 November 2017

Manulife US REIT Investor Day 2017

Important Notice

2

DBS Bank Ltd. was the Sole Financial Adviser and Issue Manager for the initial public offering of Manulife US Real Estate

Investment Trust (“Offering”). DBS Bank Ltd., China International Capital Corporation (Singapore) Pte. Limited, Credit Suisse

(Singapore) Limited and Deutsche Bank AG, Singapore Branch were the Joint Bookrunners and Underwriters for the Offering.

This presentation is for information purposes only and does not constitute or form part of an offer, invitation or solicitation of any offer

to purchase or subscribe for any securities of Manulife US REIT in Singapore or any other jurisdiction nor should it or any part of it

form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. The value of units in Manulife US

REIT (“Units”) and the income derived from them may fall as well as rise. The Units are not obligations of, deposits in, or guaranteed

by the Manager, DBS Trustee Limited (as trustee of Manulife US REIT) or any of their respective affiliates. The past performance of

Manulife US REIT is not necessarily indicative of the future performance of Manulife US REIT.

This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes

and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties

and assumptions. These forward-looking statements speak only as at the date of this presentation. No assurance can be given that

future events will occur, that projections will be achieved, or that assumptions are correct. Representative examples of these factors

include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability,

competition from similar developments, shifts in expected levels of office rental revenue, changes in operating expenses, property

expenses, governmental and public policy changes and the continued availability of financing in the amounts and the terms

necessary to support future business.

Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on current view of

management on future events.

Holders of Units (“Unitholders”) have no right to request that the Manager redeem or purchase their Units while the Units are listed.

It is intended that Unitholders may only deal in their Units through trading on Singapore Exchange Securities Trading Limited (the

“SGX-ST”). Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

Contents

3

Overview and Key Highlights 1

Portfolio Performance 2

Financial Highlights 3

Moving Forward 5

Media and Analyst Coverage 4

Peachtree, Atlanta, Georgia

Overview and Key Highlights

Exchange, Jersey City, New Jersey

Vancouver

Calgary

Edmonton

Kitchener/Waterloo

Toronto

Ottawa

Montreal

Halifax

San Francisco

Los Angeles

San Diego

Chicago

Atlanta

Orlando

Boston

New York Metro

Washington D.C.

Canada US$6.9B

AUM

U.S. US$8.4B

AUM

Asia US$1.7B

AUM

Tokyo, Japan

Bangkok, Thailand

Kuala Lumpur, Malaysia

Ho Chi Minh City, Vietnam

Hong Kong, China

Note: All AUM in fair value basis as at 30 Sep 2017

72% of Real Estate in Office

Others 4%

Residential 9%

Industrial 10%

Office 72%

Retail

5%

More than 80

years of

experience in

real estate

Over 600

real estate

professionals in 23

offices globally

John Hancock AUM of

US$8.4b and strong

leasing network of

>1,000 tenants

AUM

US$806B

Sponsor

Manulife Asset Mgt

Private Markets

Global Real Estate

AUM

US$15B

AUM

US$88B

AUM

US$17.1B

5

Reputable Sponsor Proven Property Management Track Record

Singapore

Vertically-Integrated Real Estate Platform: Global Real Estate AUM of US$17.1b

6

Key Milestones since IPO

Feb Mar Jul Aug Sep May Sep Nov Dec

2016 2017

Jun May

Listed on SGX on

20 May 2016

7 Nov 2016

DPU exceeded

forecast by 5.8%

3Q 2016 Results

FY 2016 Results

13 Feb 2017

DPU exceeded

forecast by 4.8%

1Q 2017 Results

2 May 2017

DPU exceeded

projection by 8.6%

Announced

maiden

acquisition of

Plaza

US$115.0m

1H 2017 Results

8 Aug 2017

DPU exceeded

projection by 8%

Announced

acquisition

of

Exchange

US$315.1m

Awarded runner-up in

the New Issues

Category of the Most

Transparent Company

Award at SIAS’ 17th

Investors’ Choice

Awards

Awarded Best REIT

Deal of the Year and

Best IPO for Retail

Investors in

Southeast Asia by

Alpha Southeast

Asia’s Deal &

Solution Awards 2016

Included in the

MSCI Singapore

Small Cap Index

Included in the

GPR/APREA

Investable REIT 100

Index

Ranked 11th among 43 REITs

and Business Trusts in the

Governance Index for Trusts

2017

Awarded Best Annual

Report for First-Year

Listed Companies at the

Singapore Corporate

Awards 2017

Nov

3Q 2017 Results

3 Nov 2017

DPU exceeded

projection by 9.6%

Awarded Rank of Green

Star in GRESB

Assessment 2017

Peachtree, Atlanta, Georgia

7

Market Cap Increased by 74.9% since IPO

Market Cap(During IPO)

Market Cap(Current)

Free Float

Sponsor Stake

(1) Based on 625.5 million Units in issue and the issue price of US$0.83 per Unit during IPO

(2) Based on 1,031.9 million Units in issue and unit price of US$0.88 per Unit as at 24 Nov 2017

(3) Based on an exchange rate of 1 USD : 1.3467 SGD as at 24 Nov 2017

(4) Adjusted for rights issue

US$908.0m2

(S$1,222.8 m)3

Increase in Free Float Trading Liquidity

US$519.2m1

(S$699.2m)3

Since 1 Jan 2017

MUST4: + 15.4%

S-REIT: + 15.9%

STI: + 18.7%

95

100

105

110

115

120

125

Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17

Performance of Share Price YTD2

Performance of Market Cap since IPO

Portfolio Performance

Plaza, Secaucus, New Jersey

High Quality Freehold Class A/Trophy Assets

9

Los Angeles

Figueroa

Michelson

Irvine

Peachtree

Atlanta

Plaza

Secaucus

Figueroa Michelson Peachtree Plaza Exchange Current Portfolio

NLA (sq ft)1 701,977 532,663 555,922 461,525 730,598 2,982,685

WALE (by NLA)1 5.1 years 4.6 years 5.7 years 8.6 years 5.8 years 5.8 years

Occupancy2 92.1% 96.5% 96.8% 98.9% 97.0% 96.3%

(1) As at 30 Sep 2017, assuming acquisition of Exchange has been completed

(2) Committed Occupancy as at 30 Sep 2017, assuming acquisition of Exchange has been completed

Exchange

Jersey City

Rental Cycle, CBD U.S. Markets 1

Strategically Located in Key U.S. Cities

10

(1) Source: JLL as at 3Q 2017. Retrieved from http://www.us.jll.com/united-states/en-us/research/office

Portfolio Markets Progressing Steadily

Rental Cycle, Suburban U.S. Markets 1

Peachtree, Atlanta, Georgia

11

Building a First Class Portfolio across the U.S.

Figueroa, Los Angeles

Michelson, Irvine

Peachtree, Atlanta

Plaza, Secaucus

Exchange, Jersey City

• No new Class A office space in past 23 years

• Surrounded by entertainment venues such as Staples Center, the LA Convention Center and LA Live

• Boom in residential development creates live, work, play environment

• Attractive corporate location with diversified economy

• Surrounded by hotel developments, high-end condominiums and apartments, restaurants and a wide

range of retail offerings

• 20 minutes from Atlanta Hartsfield-Jackson International Airport – the busiest airport in the world

• Surrounded by high-end condominiums, luxury apartments and numerous dining options

• Located within 550-acre mixed-use amenity base of Harmon Meadow in Secaucus

• Surrounded by 1 million sq ft of retail space - 25 restaurants, 7 hotels, leisure and sports facilities, a

cinema, with a hotel and residential apartments under construction

• Vibrant Urban-Suburban Market Across the Hudson River from Manhattan

• 10 minutes by Train and Ferry, 20 minutes by Car to New York City

Occupancy and WALE

12

WALE of 5.8 years by NLA and Committed Occupancy of 96.3%

Lease Expiry Profile of the Portfolio1,2 (%)

(1) As at 30 Sep 2017, assuming that acquisition of Exchange has been completed

(2) Includes committed lease space and rental income

1.4% 1.2%

12.2% 9.6%

6.8%

68.8%

1.4% 1.2%

9.4% 9.2% 7.1%

71.7%

2017 2018 2019 2020 2021 2022 and beyond

Cash Rental Income Net Lettable Area

Diversified Tenant Base

13

Current Portfolio Cash Rental Income by Trade Sector1 IPO Portfolio Cash Rental Income by Trade Sector1

(1) As at 30 Sep 2017, assuming that acquisition of Exchange has been completed

Law Firms, 26.2%

Financial Institutions, 23.4%

Retail Trade & E-Commerce, 11.1%

Management & Consulting

Services, 5.9%

Arts & Entertainment, 4.2%

Administrative Services, 3.8%

Medical & Diagnostics, 4.0%

Real Estate, 3.6%

Advertising & Public Relations,

3.2%

Accounting Services, 2.5%

Others, 12.8%

Law Firms, 44.0%

Financial Institutions, 25.6%

Arts & Entertainment,

6.6%

Others, 6.4%

Real Estate, 5.6%

Advertising & Public Relations,

3.9%

Administrative Services, 2.7%

Business Services, 2.7%

Engineers/Architects, 2.5%

Top 10 Tenants by Cash Rental Income (CRI)

14

Tenant1 Sector % of CRI1

Kilpatrick Law Firms 10.6%

TCW Financial Institutions 10.1%

Hyundai Capital Financial Institutions 8.9%

Quinn Emanuel Law Firms 8.2%

Gibson Dunn Law Firms 7.1%

LA Fitness Personal Services 4.8%

Bryan Cave Law Firms 4.1%

Jones Day Law Firms 3.8%

Greenberg Law Firms 3.4%

Allen Matkins Law Firms 3.1%

Total Top 10 Tenants 64.1%

Tenant1 Sector % of CRI1

Kilpatrick Law Firms 6.8%

TCW Financial Institutions 6.4%

Hyundai Capital Financial Institutions 5.7%

The Children' Place Retail Trade &

E-Commerce 5.5%

Quinn Emanuel Law Firms 4.6%

Amazon Retail Trade &

E-Commerce 4.5%

Quest Diagnostics Medical &

Diagnostic 3.5%

Gibson, Dunn Law Firms 3.2%

Fitness International Personal Services 3.1%

Rabo Support Services Professional

Services 3.0%

Total Top 10 Tenants 46.2%

Current Portfolio1 IPO Portfolio1

(1) As at 30 Sep 2017, assuming that acquisition of Exchange has been completed

Office Market Overview

15

Market

RBA1

(mil sq

ft)

Vacancy1

(%)

Gross

Asking

Rent1

Net

Absorption1

(‘000 sq ft)

12 Month

Rent

Growth2

(%)

New

Properties

Under

Construction

(‘000 sq ft)

Property

Name

Delivery

Year

Downtown Los

Angeles 40.0 14.0 US$42.34 290 5.0 0 N/A N/A

Irvine,

Orange County 14.3 17.4 US$34.44 (206) 2.1 0 N/A N/A

Midtown

Atlanta 17.8 11.2 US$33.66 (30) 4.2

485 NCR Corp

Headquarters 2018

760 Coda 2019

Meadowlands3 3.6 19.24 US$32.76 (5) (0.8)

500 Building 54 2019

250 Building 100 2019

Hudson

Waterfront5 18.7 12.9 US$42.05 (219) (0.2) 0 N/A N/A

(1) Rentable building area- Class A inventory

(2) All building classes

(3) Secaucus is within the Meadowlands submarket

(4) Vacancy and availability include old and uncomparable buildings. Plaza’s competitive set has vacancy rate of only 6%. New construction is not comparative to Plaza

(5) Jersey City is within the Hudson Waterfront submarket

Source: CoStar Market Analysis & Forecast – As at 16 Oct 2017

Limited New Supply and Strong Rental Growth in 2017

Financial Highlights

Peachtree, Atlanta, Georgia

3Q 2017 Financial Highlights

17

Gearing

33.1% 100% Fixed Loans

Net Property Income

outperformed projection1 by 20.9%

US$14.4 million

Rental Reversion

Positive rental reversion2 of

12.2%

Weighted

Average

Interest Rate

2.60% per annum

3.1 years

Net Asset

Value

US$0.86 per Unit

(1) Projected results for 3Q 2017 and YTD 2017 were derived by pro-rating the projected figures for the year from 1 Jan 2017 to 31 Dec 2017 as disclosed in the Prospectus

(2) Based on new leases and renewals signed from 1 Jan 2017 to 30 Sep 2017 with a total NLA of 18,010 sq ft

Distribution per Unit

outperformed projection1 by 9.6%

1.60 US cents

Weighted

Average

Debt Maturity

Michelson, Irvine, California

Media and Analysts Coverage

19

High Media Coverage

BT 21 Jun 2017

ST 13 Nov 2017

ST 4 Sep 2017

BT 4 Nov 2017

LHZB 4 Sep 2017

The Edge 15 Sep 2017

20

Analyst Coverage

RHB Research, 6 Nov 2017

Deutsche Bank Markets Research, 21 Nov 2017 DBS Group Research , 8 Aug 2017

Figueroa, Los Angeles, California

Moving Forward

22

Increase distributions

through proactive leasing

while maintaining optimal

occupancy levels

Organic

Growth

Grow through yield-

accretive acquisitions

either from third party

or Sponsor

Appropriate mix of debt

and equity optimising

risk-adjusted returns to

Unitholders

Capital

Management

Long Term Strategy of Sustainable Growth

Moving Forward

Inorganic

Growth

Thank You For enquiries, please contact: Ms Caroline Fong, Head of Investor Relations

Direct: (65) 6801 1066 / Email: carol_fong@manulifeusreit.sg

http://www.manulifeusreit.sg

Hudson River

24

Portfolio Overview

Figueroa Michelson Peachtree Plaza Exchange5

Location Los Angeles Irvine Atlanta Secaucus Jersey City

Property Type Class A Trophy Class A Class A Class A

Completion Date 1991 2007 1991 1985 1988

Last Refurbishment 2015 - 2015 2016 -

Property Value 325.01 342.01 190.51 116.02 333.03

Occupancy4 (%) 92.1% 96.5% 96.8% 98.9% 97.0%

NLA (sq ft) 701,977 532,663 555,922 461,525 730,598

WALE (by NLA) 5.1 years 4.6 years 5.7 years 8.6 years 5.8 years

Land Tenure Freehold Freehold Freehold Freehold Freehold

No. of Tenants 29 15 25 7 25

(1) Based on 30 Jun 2017 appraised values

(2) Based on independent valuation by Cushman & Wakefield as at 2 Jun 2017

(3) Based on the average of the independent valuations by Colliers and RERC as at 18 Jul 2017 and 11 Jul 2017 respectively

(4) Committed Occupancy as at 30 Sep 2017

(5) Acquisition of Exchange was completed on 1 Nov 2017

YTD 2017 DPU Exceeded Projection1 by 8.5%

25

3Q 2017

Actual

(US$’000)

3Q 2017

Projection1

(US$’000)

3Q 2017

Change

(%)

YTD 2017

Actual

(US$’000)

YTD 2017

Projection1

(US$’000)

YTD 2017

Change

(%)

Gross Revenue2

• Rental and Other Income

• Recovery Revenue

23,037 17,555

5,482

19,727 14,214

5,513

16.8 23.5

(0.6)

62,776 46,939

15,837

59,787 43,186

16,601

5.0 8.7

(4.6)

Net Property

Income3 14,381 11,896 20.9 39,933 36,664 8.9

Net Income4 9,271 7,375 25.7 39,021 22,566 72.9

Distributable

Income 11,675 9,281 25.8 32,075 28,330 13.2

Distribution per

Unit (cents) 1.60 1.46 9.6 4.83 4.45 8.5

(1) Projected results for 3Q 2017 and YTD 2017 were derived by pro-rating the projected figures for the year from 1 Jan 2017 to 31 Dec 2017 as disclosed in the Prospectus

(2) The gross revenue was ahead of projection, largely due to revenue contribution from acquisition of Plaza, and higher rental and other income from Michelson, Peachtree and Figueroa. (“IPO Portfolio”) largely resulting

from rental escalations and higher car park income

(3) Net property income outperformed projection due to contribution from Plaza, and higher rental and other income and lower property expenses on IPO Portfolio

(4) Net Income for 3Q 2017 was ahead of projection mainly due to higher net property income. Net income for YTD 2017 was ahead of projection due to higher net property income, lower finance expenses as well as

property fair value gain, net of tax

25

Tax Efficient Structure of Manulife US REIT

26

No 30%1 withholding tax on interest and principal on

shareholder’s loan - US Portfolio Interest

Exemption Rule

Zero tax in Singapore - Foreign sourced income

not subject to tax

Distribution from US to Singapore through

combination of dividends, and/or interest payments

and principal repayments on shareholder loans

No single investor to hold more than 9.8% (including

the sponsor) - ‘Widely Held2’ rule for REITs in US

Manager will actively manage to minimise or pay no

dividends from Parent U.S. REIT to Singapore Sub 1

(1) For U.S. and non U.S. persons filing valid tax forms

(2) No less than 5 persons holding 50% of company

(3) A separate Singapore passive investment holding company will be established to provide an intercompany loan for each future acquisition

(4) Subject to 30% withholding tax

(5) Each Sub-U.S. REIT holds each individual property

Singapore

Manulife

Sponsor

Unitholders

100%

100% Wholly-owned U.S.

Equity SPV

Parent U.S. REIT

Sub-U.S. REITs5

Dividends4

0% Tax

Shareholder

Financing SPV3

100%

Intercompany Loan

Interest &

Principal

(0% Tax)

Properties Figueroa, Michelson, Peachtree, Plaza, Exchange